New institutional player — MassMutual purchases $100M Bitcoin

New institutional participant — MassMutual purchases $100M Bitcoin

Massachusetts-based insurance coverage agency MassMutual simply introduced that it has bought $100 million in Bitcoin for its normal funding account.

In keeping with a report from The Wall Avenue Journal, the corporate bought the cash — purportedly 5,470 Bitcoin (BTC) given the present worth of $18,279 — by way of New York-based fund administration firm NYDIG. MassMutual additionally reportedly purchased a $5 million fairness stake within the agency, which holds $2.three billion in crypto.

MassMutual advised Cointelegraph that the funding is a part of a broad technique, with the purpose of attaining “measured but significant publicity to a rising financial side of our more and more digital world.” The corporate clarified that:

“Our $100 million funding in Bitcoin by way of NYDIG will symbolize .04 p.c – or lower than one tenth of 1 p.c – of our whole GIA.”

The acquisition comes as main institutional gamers are adopting Bitcoin for the primary time and going longer on crypto investments. In September, enterprise intelligence agency MicroStrategy bought greater than $425 million in Bitcoin as a reserve asset. Earlier this week, the corporate introduced it will make investments the proceeds from a $400 million securities providing into Bitcoin as properly.

MassMutual advised Cointelegraph that the corporate oversees greater than $235 billion in its normal funding account as of Sept. 30.